On March 7th, Binance launched the Futures NEXT section, which is a new coin listing prediction market for Binance contracts. On the platform, participants can use a voting ticket called "Pick" to vote for tokens in the contract token pool. If the token is successfully listed on the USDⓈ-M contract market, users can receive rewards. In addition, users can also nominate tokens to join the prediction pool.

Each "Pick" is worth 1U, and each user has a limit of 100 "Pick" and can only vote for up to three types of tokens. If a user wants to change their vote, they can revoke the "Pick" after a 3-day lock-up period without any loss of fees, and the "Pick" will be returned to the contract account. For users who want to nominate tokens, the listing nomination fee is 2000 USDT, and the nominator's incentive principal will increase after the token is successfully listed. If a user wants to cancel the listing nomination, they need to wait for a 30-day lock-up period for a full refund.

It is worth noting that Futures NEXT is not a voting platform; it is independent of Binance's token listing process and is simply an incentive platform. If your prediction is correct, you can receive contract trading vouchers or trading fee discount vouchers.

In the official announcement, Binance stated that "the popularity of tokens on the platform does not guarantee their listing. Binance will maintain a strict and fair listing review process to ensure that all tokens, regardless of their performance or popularity on Futures NEXT, follow the same evaluation criteria."

Therefore, this platform is a relatively low-risk opportunity for users to participate in the encrypted prediction market. The official definition given is "to facilitate user and community interaction, share market insights, and win rewards."

How to participate in the "Pick" mechanism

As of the time of writing, according to the official website, there are a total of 31 nominated tokens on Futures NEXT, including Bittensor, Delysium, and Pandora, with a total "Pick" value of 148,000 USD and 2277 participants.

The specific steps to participate are as follows:

1. Log in to the Futures NEXT platform;
2. Transfer USDT to the contract account;
3. Click on "Pick" and confirm.

For each successful prediction, users will receive USDT contract trial vouchers or USDT trading fee discount vouchers based on the number of "Pick" they have previously participated in. For new contract trading users, the form of the voucher is a contract reward voucher, while for experienced contract users, it is a contract trading fee rebate voucher. The more "Pick" a user has, the higher the value of the voucher rewards they will receive.

Currently, the official reward multiplier is 1.2, and this value may change. For example, if token A is successfully listed with an effective multiplier of 1.2, and a user holds 100 "Pick," it means they can receive a voucher worth 120 USDT upon the successful listing of the predicted token. The vouchers will be distributed within 10 days after the token is listed, and they must be redeemed within 7 days after distribution.

In addition, users can also spend 2000 USDT to nominate a token. After Binance's review and approval, if the nomination is successful, the nomination fee will be locked for 30 days. After the lock-up period, this fee can be converted into "Pick" or returned to the contract account in the form of USDT. If the nomination is not approved, the funds will be fully refunded to the contract account.

It is worth mentioning that the announcement does not mention that only one user can nominate a token. In the official announcement, Binance stated that "approval is not guaranteed, and Binance Futures reserves the right to approve or reject nominations based on internal standards."

Behind the Risk-Free Nature

The cryptocurrency market is a highly competitive arena, and in such a competitive environment, Binance has created a win-win plan through Futures NEXT.

As mentioned earlier, Futures NEXT is an incentive platform and more like a simulated prediction market. This risk-free strategy is welcomed by most users, but fundamentally, the launch of Futures NEXT is mutually beneficial for Binance and the project parties.

For users, the previously secretive process of listing tokens can now be participated in at a low cost, providing a new experience. Moreover, the capital requirement is not high, and there is a risk-free exit after investment, making it a relatively cost-effective transaction.

For project parties, Futures NEXT is a great marketing platform and tool. Leveraging Binance's extensive user base and the market heat of listing, even if nominated tokens are not listed on Binance, project parties can still gain exposure and traffic.

For Binance, Futures NEXT is a platform to incentivize users to participate in contract trading. This means that it can stimulate user participation in contract trading at a low cost, gather liquidity brought by "Pick," and unite projects not yet listed on Binance to the Futures NEXT platform, achieving three goals in one go.

However, the cryptocurrency market is a place where high risk is pursued for high returns, and with no risk, the potential returns are inevitably not too high.

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